Futu Securities International, an online broker in Hong Kong, has introduced retail cryptocurrency trading in the city. The company now allows Hong Kong residents to trade bitcoin and ether directly on its platform using either Hong Kong or US dollars, according to an announcement made today (Thursday).
Futu recently received a securities license upgrade from the Securities and Futures Commission (SFC). This upgrade permits Futu to offer virtual asset dealing services to both professional and retail customers in Hong Kong.
PantherTrade Awaits Full Approval
The launch is part of Hong Kong's effort to enhance its appeal as a virtual asset business hub. Over the past two years, the city has introduced new crypto policies, including a mandatory licensing regime for cryptocurrency exchanges.
Futu is also seeking a cryptocurrency exchange license for its new platform, PantherTrade. Currently, PantherTrade is among 11 platforms in Hong Kong that are “deemed to be licensed” for crypto trading, meaning they can operate while awaiting full approval from the SFC.
To attract investors during the current crypto bull market, Futu is offering several incentives.
???????? Hong Kong’s largest online broker Futu has launched #Bitcoin and #crypto trading. pic.twitter.com/YlOm19aemG
— BITCOIN EXPERT INDIA (@Btcexpertindia) August 1, 2024
Futu recently completed a HKD440 million investment in Gravitation Fintech HK Limited, the parent company of Airstar Bank, as reported by Finance Magnates. As a result, Futu now holds an indirect 44.11% stake in Airstar Bank, becoming its second largest beneficial owner.
Futu Partners with HashKey
Futu is the first online brokerage in Hong Kong to offer direct cryptocurrency trading on its platform. The SFC's regulations require such services to be offered through a partnership with a licensed cryptocurrency exchange. Futu is collaborating with HashKey Exchange, one of the two licensed exchanges in Hong Kong.
Tiger Brokers, a local competitor, announced in May that it had begun offering cryptocurrency trading services to professional investors following a license upgrade. The SFC defines professional investors as individuals with investment portfolios exceeding HK$8 million or corporate entities with assets over HK$40 million.
This article was written by Tareq Sikder at www.financemagnates.com.
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